SHIB Burns Soar 105% as Price Shows Unexpected Large Growth

U.Today - The Shiba Inu community has made another successful effort at burning SHIB meme coins, pushing the burn rate up significantly.

In the meantime, the price of the second largest canine-themed cryptocurrency Shiba Inu has spiked by almost 8%.

SHIB burns jump 105%, here's how much was removedThe Shibburn tracking platform spreads the word that over the past day the SHIB community has succeeded in disposing a large amount of meme coins, which resulted in the burn rate surging by slightly more than 105%.

The number of meme coins burned totals 1,877,749 SHIB. From this amount, a 1,000,707 SHIB batch was removed from the circulating supply in a single transfer.

44.6 billion SHIB gone in 2024The same data source that provided the aforementioned SHIB burn statistics shared Jan. 1 that over the past year, the SHIB team and community have managed to remove a mind-boggling amount of meme coins from circulation. This staggering batch constituted 44,623,604,014 SHIB worth slightly less than $1 million.

However, many SHIB enthusiasts took that tweet from Shibburn skeptically, since these burns are still too small to reduce the circulating supply significantly in the next year or two. The whole point of token burns is the reduction of the total supply in order to make a coin more scarce and give it a chance to skyrocket in price. Still, only half of the initial quadrillion SHIB supply has been burned so far.

The majority of that amount of was removed from circulation by Ethereum co-founder Vitalik Buterin back in May 2021 when he received that huge SHIB amount from its mysterious founder Ryoshi as a sign of respect.

As for December, SHIB fans transferred 2,679,767,542 Shiba Inu to dead-end blockchain wallets.

SHIB price surges overnightIn the meantime, the price of the SHIB meme coin has displayed an impressive surge over the last 24 hours as it rose by close to 10% — from $0.00002084 to the $0.00002270 price level.

The meme coin has followed the world’s most popular cryptocurrency Bitcoin and its price spike as BTC soared by 3.81% since Jan. 1, rising from $93,070 to $96,520, where it is trading at the time of writing this material.

As is the whole cryptocurrency market, SHIB is very sensitive to price movements of Bitcoin and usually follows BTC whether it goes up or down.

Source: Investing.com